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Post by df on Feb 3, 2021 11:38:34 GMT
Following today's mass of updates. What are people's hopes of any further recovery and more importantly any further monies returned to investors? There are two hopefuls in my loan book, "pawn" and the "animal". If these eventually repay in full I will break even with MT. I also have some hope for some more return from "NUL" and possibly from "clocks", the rest of my loan book doesn't look promising for any further returns. Out of four in administration - I expect breaking even with FS and MT and big losses from SS(Lendy) and Col.
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stokeloans
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Post by stokeloans on Feb 3, 2021 17:44:53 GMT
I think there's a post of mine on here from when Collateral went tits up when I said I'd written off my investment and if I got anything back it would be a bonus.
That applies to Moneything,Lendy and FS that I have investments in also.
So to answer the question,I have no nope.
Fortunately I'm only out a small 5 figure sum.I feel sorry for those of you with large investments.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on Feb 4, 2021 7:25:03 GMT
I think there's a post of mine on here from when Collateral went tits up when I said I'd written off my investment and if I got anything back it would be a bonus. That applies to Moneything,Lendy and FS that I have investments in also. So to answer the question,I have no nope. Fortunately I'm only out a small 5 figure sum.I feel sorry for those of you with large investments. A small 5 figure sum. I think there might be a few people with four figure sums and even three worried sick too.
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hazellend
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Post by hazellend on Feb 4, 2021 13:07:10 GMT
what is worse is that they have spent years in some cases, stringing us along on the hopes of recovery but in reality its just been a ruse to earn themselves fees. It’s a real kick in the teeth. If MT had defaulted the loans we would not be in this position with holiday park. I really hope they default Livxxxxl unless there is immediate payment. These borrowers all invariably prioritise weasling out of their obligations over actually trying to progress things.
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Post by investor1925 on Feb 4, 2021 14:10:15 GMT
.......but administration is going to help us all
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james100
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Post by james100 on Feb 4, 2021 14:55:25 GMT
.......but administration is going to help itself to us all of our moneyExactly.
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boundah
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Post by boundah on Feb 4, 2021 15:14:35 GMT
I may be an outlier, but I think we'll see some recoveries from most of the loans. The administrators will have their cut, but I'm reasonably confident there will be something left over for us investors.
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ptr120
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Post by ptr120 on Feb 4, 2021 16:03:11 GMT
I may be an outlier, but I think we'll see some recoveries from most of the loans. The administrators will have their cut, but I'm reasonably confident there will be something left over for us investors. I guess that depends on which loans you are in, but in my case: For the RCC loans I'm not expecting any returns as recovery costs and MT management costs will suck up any recoveries For the development loan in Bradford, I foresee significant legal fees to get the 2nd charge holder to release their charge, so no or very limited return Wandsworth bridging loan - any further recoveries will be eaten up by legal costs Birkenhead resdev will probably be settled via PI claim at a rather low level which will be sucked up by legal and MT management costs Resdev Bollington any further recovery will go on legal fees and MT management costs Plymouth student digs: refurbishment costs + the rent guarantee + MT management and legal fees will result in no returns to lenders Scottish bridging loan: high legal fees; has already had 1 court hearing and needs another. Combined with MT management fees likely no or very limited return N-U-L bridging loan. Further recoveries depend on the PI claim which never settle for 100% due to mitigation. MT fees will further reduce recoveries - in my opinion, down to zero So, 8 loans where I'm not expecting to see another penny. Returns from elsewhere won't be much to write home about
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 4, 2021 23:18:57 GMT
It is ALWAYS better to invoke the Contract and Default at 90 Days Overdue, if not before, except in the Very occasional exceptional circumstances, and even then at 120 to 180 days absolute max.I ran my own business for 20 years and this maxim is as true as it ever was, plus you get a reputation for being someone who is not to be fornicated with and you'd be amazed at the Respect for Repaying that Customers show.  The problem with P2P is Lenders believing the hogwash being constantly peddled by many unscrupulous Platforms, whose interests are far more aligned with Borrowers than Lenders. Except a LOT on here don't seem to understand that and swallow the "jam tomorrow" story time and again. So here we are, where we are. |
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bugs4me
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Post by bugs4me on Feb 6, 2021 10:13:16 GMT
The problem with P2P is Lenders believing the hogwash being constantly peddled by many unscrupulous Platforms, whose interests are far more aligned with Borrowers than Lenders. Except a LOT on here don't seem to understand that and swallow the "jam tomorrow" story time and again. ozboy - I rarely post around these parts these days as apart from COL I managed (by luck) to start moving out of P2P in 2017 when carrying out Platform DD - things were not stacking up and many a Platform Director had indirect interests in Borrower projects. It's still going on today and #1 in my book is transparency. Once that goes then I'm off.
Fortunately apart from COL my XIRR will be profitable albeit the time and effort spent by myself doing loan DD - well looking back it simply wasn't worth it.
IMO, you're not accurate re interests. The Platforms and Administrators (where applicable) are more aligned with their own needs/wants first followed by the Borrower then the Lenders/Investors who make up a distant third. The Platforms genuinely felt they were doing folks a favour whilst lining their own pockets. That 'hogwash' is still being peddled today by supposedly solvent Platforms, passing back a few pennies here and there to Lenders and fobbing them off with nonsense and patronising jargon. No names being mentioned but I suspect most forum readers will know who they are.
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jo
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Post by jo on Feb 9, 2021 14:29:11 GMT
It is ALWAYS better to invoke the Contract and Default at 90 Days Overdue, if not before, except in the Very occasional exceptional circumstances, and even then at 120 to 180 days absolute max.I ran my own business for 20 years and this maxim is as true as it ever was, plus you get a reputation for being someone who is not to be fornicated with and you'd be amazed at the Respect for Repaying that Customers show. The problem with P2P is Lenders believing the hogwash being constantly peddled by many unscrupulous Platforms, whose interests are far more aligned with Borrowers than Lenders. Except a LOT on here don't seem to understand that and swallow the "jam tomorrow" story time and again. So here we are, where we are. Problem is the directors of these outfits behave(d) like they were Goldman Sachs but had the abilities of Carmarthen Bank. (no disrespect to Carmarthen  ).
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).